Consent Knowledge Base
Introduction to the Consumer Data Right (CDR)
The Consumer Data Right (CDR) empowers you with greater access and control over your financial data. It is a government-regulated framework designed to:
- Ensure your data is collected and managed securely.
- Provide you with full control over how your data is shared and used.
Accredited Data Recipients (ADRs)
The Property Accountant works with Basiq, an Accredited Data Recipient (ADR) under the CDR framework, to securely connect and manage your bank and loan account data. ADRs follow strict privacy safeguards to:
- Transparently disclose how your data is used.
- Ensure secure storage and transmission of your data.
- Use your data only with your explicit consent.
Why does The Property Accountant use the Trusted Adviser model instead of holding my data entirely within the CDR system?
The Property Accountant is an accounting and record-keeping platform designed for property investors, tax accountants and mortgage brokers.
Your property and loan records may be required for many years for accounting, tax compliance, Capital Gains Tax calculations and historical record-keeping. For example, information relating to a property may still be important long after a bank connection or Open Banking consent has ended.
Under the Consumer Data Right (CDR), there are specific requirements governing how data is handled when a consent ends and when CDR data becomes redundant. These requirements do not always align with the long-term record-keeping purpose of our platform.
For this reason, your data is shared with The Property Accountant under the Trusted Adviser model.
When you revoke your Open Banking consent, no further banking data will be shared with us through that consent. This may happen, for example, when you refinance your loan and the previous loan is closed, or when your consent period expires. However, information already received and recorded in your Property Accountant account may remain available as part of your property and tax records.
You remain in control of your information. If you no longer wish to use The Property Accountant, you can delete your account and request deletion of your data, subject to any information we are required to retain by law.
In simple terms:
Revoking your bank consent stops future data sharing. It does not automatically delete your existing property records. You decide when you want those records deleted.
For more information about how The Property Accountant collects, uses, stores and protects your information, please refer to our Privacy Policy.
Key Benefits for You
- Choice and Control: Decide what data to share, for what purpose, and with whom.
- Manage Consent: You can view, update, or revoke your consent at any time.
- Data Deletion Requests: You can request to delete or de-identify your data at any point.
How We Use Your Data
With your consent, we may use your data to:
- Provide personalised insights and tax reporting.
- Streamline the management of property-related finances.
- Send you relevant updates or reminders based on your preferences.
Consent Management
You are always in control of your data and consents. You can manage them through the following options:
Directly within your Bank Page in Our Platform
Log in to The Property Accountant and go to the Bank Page to review or revoke your existing consents.
Contact our Support Team
Email:contact@thepropertyaccountant.com.au
Phone:+61493767832
We encourage you to manage your data sharing directly through our app for real-time access and visibility.
Data Retention and De-identification
Your privacy and data security are our top priorities. Here's how we handle your data:
Upon Withdrawal of Consent
- Your shared data will be securely deleted or de-identified, as per your consent.
- Basiq will also be instructed to remove shared data accordingly.
Our Retention Policy
We commit to:
- Deleting or de-identifying your data immediately after receiving your consent revocation.
- Ensuring expired consents result in secure data cleanup from our systems and trusted partners.
Questions or Support
If you have any questions or need help managing your consent or data, please contact us:
📧Email:contact@thepropertyaccountant.com.au
📞Phone:+61493767832